"We've taken a step back & we're watching to see what the policies turn out to be & the ways in which they will affect the #economy. Then we'll be able to act. Fortunately, our policy stance is in a good place for us to do that." thanks to #Biden / #Bidenomics]

#TheFed, he added is in the same place as everyone else, awaiting clarity on policies.
[again, cuz shit is crazy]

#JeromePowell signaled that #TheFed would not be making any hasty decisions on #InterestRates.

"It's a good time to take a step back & let things clarify. That's why it's just too soon to say what the appropriate monetary policy response will be to these new policies. It is just too soon to say. We can't say with any confidence today." [cuz shit is crazy]

#JeromePowell says #TheFed does not forecast #recession probability.

"We don't actually, we don't make a probability forecast of how likely it is for there to be a recession, but many outside forecasters do, & many of them have raised the likelihood, …there's not much more I can say about that."

Powell stressed that he did not want to be part of a political discussion about #policy.

The Fed is not responsible for #trade, #immigration, fiscal or other policies.

…This week’s pause is fueled at least partly by uncertainty over the way #Trump could enact new policies, such as a return to an #aggressive & #unpredictable global #trade overhaul w/ #threats to impose significant #tariffs on US trading partners. Though it’s unclear exactly how those policies will affect the #economy, some #Fed ofcls have already begun to factor these policies into their economic projections.

“#MissionCreep: #TheFed has moved beyond its traditional technocratic role & ‘pursued a much more expansive #monetary & #regulatory agenda that is more consistent w/an explicitly #political institution.’”

#economy #policy #inflation

(Again, this is from George F. Will, so a libertarian conservative; NOT my perspective)

“‘while allowing #theFed the flexibility to unwisely expand its remit into inherently #political areas such as #credit rationing & #banking #regulation.’ Here is #groupthink: ‘Despite the biggest #monetary errors in 4 decades,’ Katz & Miran write, none of the 9 recent appointees to the Board of Governors was on record as having made accurate predictions about #inflation’s path.

“Even if evidence indicated #theFed capable of such precision (evidence does not), Joseph C. Sternberg’s question in the WSJ is apposite: ‘Who elected these folks to aim for a 50% loss in purchasing power of a #dollar every 35yrs?’

“In a recent rpt, the Manhattan Inst’s Dan Katz & Stephen Miran argue that ‘the Fed’s current governance has facilitated #groupthink that has led to significant #monetary #policy errors

The report comes as the #FederalReserve presses on in its fight to tame high prices — but the central bank already has plenty of success in the rearview mirror. After sprinting to hoist interest rates in 2022 & 2023, ofcls are entering a new phase: cutting borrowing costs multiple times this year. The message is that even though inflation hasn’t settled all the way down, the economy is stable enough for #theFed to take its foot off the brake.

#inflation #economy #Bidenomics #VoteBlue

Analysts attribute the market’s continued gains to positive economic data suggesting #TheFed has tamed #inflation w/o breaking the #economy, giving #investors confidence that #InterestRate cuts could be on the horizon.

The S&P 500 stock index crawled past 5,000 for the FIRST TIME EVER Friday, reaching an important symbolic landmark as continued #economic optimism fanned the flames of a rally driven by #AI on #WallStreet.

The broad-based index closed at 5,026.61, up <1% for the day, setting yet another closing #record. It has gained >5% in the first 5 wks of the yr.

#BidenBoom #Biden #DemocratsDidThat #VoteBlue #law #politics #Finance #SandP500 #TheFed #inflation #economy #investors #InterestRates